TD Securities downgraded Corus Entertainment to Speculative Buy from Buy with a price target of C$4.50, down from C$5. Q4 results were “actually a bit better than our estimates and the dividend was cut to zero as part of renewed focus on debt repayment, as expected, the analyst tells investors. The firm has lowered its forecasts to factor in the Q1 guidance from management and now assumes TV advertising revenue declines 7% in 2024, versus a 4% decline forecast previously. However, the firm does not believe that the company is going bankrupt, the analyst noted.
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